Details on BC speculation tax

The BC Government has provided details of a new real estate speculation tax.

-.5 tax for BC owners
-1% tax for Canadian owners
-2% tax for non-canadiana owners
-Exemptions for BC owners under $400k
-Does not apply to rural vacation property

So what do you think, have they struck the right balance on this tax and what impact do you think it will have on real estate prices?

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myraandrews
Member
Active Member
myraandrews

If a speculator made a profit from flipping a property the gain is taxed as income and not as a capital gain.

If you rented out the property and held on to it for a while any gain on the sale is taxed as a capital gain.

I recall back in the early 1980’s Revenue Canada started auditing real estate sales to look for quick resales.

If the CRA believes that you purchased the property with the intent of selling it for a profit, it will likely consider it as business income.

http://business.financialpost.com/personal-finance/mortgages-real-estate/flipping-houses-expect-to-face-100-tax-on-your-profits

http://madanca.com/articles/entry/taxes-on-flipping-canadian-real-estate-capital-gains-vs-business-income/

http://taxsolutionscanada.com/is-house-flipping-considered-capital-gains-or-business-income/

KickThemOut
Member
KickThemOut

Only if CRA deemed that you are making a living out of selling RE. Same as day trading profits are taxed as income not capital gain. But that’s only if they audit you and make that determination.

myraandrews
Member
Active Member
myraandrews

Is there some reason my comments still says “comment awaiting moderation”?

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You didn’t use enough racial slurs, maybe?

Just me
Guest
Just me

@SIDA: You can always choose to leave if it is not to your taste…..

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Thanks for finally showing your true colours. You had an opportunity to say that all racial slurs are unacceptable, yet you lack the class to do so. And that’s precisely why you hang out here.

Just me
Guest
Just me

I hate racial slurs as much as I hate race-baiting. They are both unacceptable.
And you are guilty on both counts.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Liar.

myraandrews
Member
Active Member
myraandrews

If a speculator made a profit from flipping a property the gain is taxed as income and not as a capital gain.

If you rented out the property and held on to it for a while any gain on the sale is taxed as a capital gain.

I recall back in the early 1980’s Revenue Canada started auditing real estate sales to look for quick resales.

If the CRA believes that you purchased the property with the intent of selling it for a profit, it will likely consider it as business income.

http://business.financialpost.com/personal-finance/mortgages-real-estate/flipping-houses-expect-to-face-100-tax-on-your-profits

Oracle
Guest
Oracle

It’s quite obvious that the real estate industry gave the housing action people a 1st round knockout.

I don’t think the NDP can do anything going forward. They are finished as a party after next election.

Greens are also finished. No way the referendum passes now unless people like Just Me are totally clueless….

NDP has reneged on every single campaign promise.

Only one left to destroy is Porportional Rep.

Burnabonian
Guest
Burnabonian

Never thought I would agree with this asshole but here I am.

Go figure.

Oracle
Guest
Oracle

Makes 2 assholes.

Name
Guest
Name

butt that’s impossible …

patriotz
Member

I think the exclusion of genuine rural areas was easy to see coming and many of us did see it coming. Maybe they went a little out of their way to provide exemptions for BC residents but that’s good politics. As they said “Over 99% of British Columbians are
estimated to be exempt.” The message being if you oppose the oppose the tax, you’re on the side of the 1%.

Name
Guest
Name

I agree and as I posted yesterday these tax changes are for all intents and purposes a non-issue as far a s most people are concerned because the core intent is still there while assuaging those few who were caught up in it unexpectedly. This in spite of what those vested interests say who were posting here on this topic incessantly yesterday.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

“Good politics” would have been getting it right first time.

Name
Guest
Name

This is “good politics” … they are seen as listening to the people and caring and being accommodating. It makes everyone feel good.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

It’s expensive showmanship which benefits nobody. I’m glad you’re enjoying paying for this mess.

Just me
Guest
Just me

The NDP asked for much, conceded little, and came home with what they set out to do.

I would certainly prefer to see higher mill rates on housing in Vancouver. Now that the taxes have come into existence, they can be adjusted. And I suspect they will be jacked up if the market picks up again.

This is becoming a no-win situation for people who buy housing because of expected future appreciation. The fact is: any appreciation will not be politically acceptable.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

What “they set out to do” surely needs to be proven out over time. But if what they set out to do was pass a new law then of course they succeeded in clearing their pathetically low bar.

Just me
Guest
Just me

“What “they set out to do” surely needs to be proven out over time.”

of course. We need to keep their feet on the fire so that they deliver what we elected them for. Lower house prices.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Good, then when you said “they set out what they came to do” you now admit you were speaking nonsense.

Dyugle
Guest
Dyugle

Tax the astronaut families .

Strata Hacker
Guest
Strata Hacker

Sure Just me keep dreaming.

YVR
Guest
YVR

“The NDP asked for much, conceded little”

Here is an example of a $1 million property for a BC resident (which is 95% of the people the tax will impact).

Before $1,000,000 x 2% = $20,000 per year tax
Now first $400k is exempt, $600K x .5% = $3000 per year tax

That is an 85% reduction before we even get to all the exemptions. If you call that conceding little you are a fool.

Just me
Guest
Just me

It is 3k more per year than Christy Clark would charge.

Whistler or Bust?
Guest
Whistler or Bust?

Wow zinger.

She brought in the 15%.

Just me
Guest
Just me

1. The FBT has no teeth. It is easy to circumvent.

2. Circumventing the higher mill rate on home ownership is a lot harder.

3. Also, the example above is based on a cheap condo (1 million). try now what happens when you use a west side SFH valued at 3 million or more. Things change.

4. Last point: there is now also an extra school tax on values above three millions.

In summary, for the first time ever the mainland Chinese will have to give money to the Canadian government on a regular basis. This is great!

YVR
Guest
YVR

The foreign buyers tax equals this spec tax times 30 plus it is payable in advance. The spec tax is also easier to evade and the NDP generously provided countless loopholes to get out of it. It does not even comes close. Also note the Liberals faced way more objections to the FBT and held their ground. Not like the spineless NDP.

Best place on meth
Member
Best place on meth
YVR
Guest
YVR

Your point was they “conceded little”. 85% tax reduction is little? We do not know what CC would have brought in but at least she would not have crapped her pants after a few letters and reneged 30days later.

Best place on meth
Member
Best place on meth

Yeah, it’s not like Krusty would have brought in a foreign buyer tax, and then changed her mind and filled it with loopholes.

http://vancouversun.com/news/local-news/b-c-expands-exemption-on-foreign-buyer-tax-to-include-workers-on-provincial-program

YVR
Guest
YVR

Flip flopping is never good politics. The NDP look like fools. At least everyone knows they are spineless and can be manipulated to do anything with a little whining.

Strata Hacker
Guest
Strata Hacker

Dumb patriots. He thinks stoking hatred from those that didn’t vote for you and frustration and disappointment from those who did vote for you is good politics. Leftism is a brain disease apparently.

ostritch
Member
ostritch

“Liberalism is a mental disorder”
– Michael Savage

He’s already coined it.

YVR
Guest
YVR

“The message being if you oppose the oppose the tax, you’re on the side of the 1%”

Nice spin but last time I checked the 1% pay lots of BC income taxes. I thought this was supposed to tax those who do not pay taxes? Which is it?

You must be embarrassed.

patriotz
Member

“Which is it?”

The top 1% of BC taxpayers are not the same people as the 1% who will be affected by the spec tax. The tax was designed specifically to exclude those who pay the most BC income tax. The 1% who will pay the spec tax will almost all be:

– Canadians resident outside BC, who pay no BC income tax.
– Foreign owners, who pay no BC income tax.
– Satellite families, who pay little or no BC income tax.
– Operators of illegal short term rentals, who are cheating on their BC income tax.

Just me
Guest
Just me

I am really curious to see how they will implement the last two bullet points you mentioned. For the tax to work and have real bite, it needs to be sizable for:

– Satellite families, who pay little or no BC income tax.
– Operators of illegal short term rentals, who are cheating on their BC income tax.

These guys are the real problem in Vancouver. They use houses as commodities, from which they extract tax-free income.

YVR
Guest
YVR

Both of these groups are already illegally not paying income taxes and/or running illegal short term rentals. If the NDP won’t enforce those laws then how do they plan on getting them to pay the spec tax? This new tax will be laughed at.

Burnabonian
Guest
Burnabonian
Horgan has discovered why The Vancouver Model works: Because BC’s NIMBYism prevails. Even our strongest social justice warrior class wants housing prices lowered “for others” but without affecting anyone’s own personal real estate empire. Hardy har har. FORTUNATELY we didn’t need some hairy assed NDP fucktard pulling on any levers anyway. In that sense I’m glad he’s showing himself to be impotent; who knows what other damage he could have done. This is a macro problem with a macro solution and the macro solution is upon us whether we want it or not. When you can’t get money you can’t be a real estate speculator. And ever quarter now there is significantly less money to be got. Who would have thought that a Trump White House would end up boosting the economy, allowing them to fix interest rates, thus fixing… Read more »
Disgruntled
Guest
Disgruntled

I have to agree the only way rates in Canada will ever go up as if they go up substantially in the US first because we have no Central Bank here. Unfortunately my prediction is we get one rate hike for every two US rate hikes at the most. So I’m not sure it’s going to be enough to be honest.

Lost,... but not leased
Guest
Lost,... but not leased

BC NDP Gov’t 3.0

We should thank them, as they probably set the record for showing their true colours asap, as opposed to previous NDP Gov’ts.

They seem to be hardwired to be permanent opposition..some sort of “death wish” switch…like kids in a candy store..trying desperately to make ideology coalesce into something practical..pragmatic…. usually failing, back to ” dogma ate my homework”. …and ass handed to them on a platter in next election.

Many moronic NDP voters are confused by the aforementioned.

What has the NDP done for….errr “TO” you lately?

Burnabonian
Guest
Burnabonian

+100

I would call it Impostor Syndrome.

They inherited a reasonably solid starting point from Krusty on the whole.

All they had to do was “not do anything stupid”. Yet every single time they go to a microphone they make themselves sound so stupid you can’t believe your ears.

I’m all for ideologues. I actually respect an ideologue for his or her passion and commitment to truth, justice, and fairness as they see it.

But for the love of God you still need to do things the right way. You have to be smart.

Don’t announce half assed generalized theoretical changes, be unable to explain the details or how it could possibly work, then roll them back, then admit that you are surprised by how complicated governing is.

I mean Jesus Christ.

Lost,... but not leased
Guest
Lost,... but not leased

Party purges…nothing lasts forever.
Back in the 1980’s, the BC political landscape was Socreds and NDP.

Bennett stepped down after 10 years(aka it appears 10 years is almost statistically the tolerance limit of the voting public for any Gov’t or leader ). Vander Zalm came in and fractured the Socred party which ultimately became extinct.

The Right of Center took years to rebuild as Liberal Party…and BC was stuck with NDP 2.0 for 10 years as the default party.

IMHO, NDP could and should implode and another party rise from their ashes. Their support seems to be based on blind faith , when history shows overall the citizens are being primed for another disaster.

Just me
Guest
Just me

“They inherited a reasonably solid starting point from Krusty on the whole.”

You must be joking. the economy in Vancouver and, by extension BC, is a house of cards, founded on debt and on never-ending government support to leverage the housing market.

BC’s economy relies on a single-sector (housing) more than Alberta relies on oil and gas.

Much of this leverage is taken out by people who use seed money from Asia to buy multiple properties.

BC is a mess right now. And that is certainly not the NDP’s fault.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

BC does not rely more on RE than Alberta does energy. I’d suggest you’re assuming that all financial services are 100% tied to real estate (they’re not).

Just me
Guest
Just me

“Real estate, rental and leasing take up a share of B.C.’s economy that is so large, it eclipses oil and gas in Alberta.”

https://globalnews.ca/news/3857283/real-estate-bc-economy-oil-alberta/

Shut It Down Already (original)
Guest
Shut It Down Already (original)

I stand corrected. Apologies.

Just me
Guest
Just me
Just me
Guest
Just me
Burnabonian
Guest
Burnabonian

I agree that it’s built on quicksand but you have to consider the voting public’s view.

In the same sense that the Titanic was unsinkable and Enron was Too Big To Fail.

“The best argument against Democracy is a five-minute conversation with the average voter.” -Sir Winston Churchill

Bag it and tag it
Member
Bag it and tag it

at least Oracle is no longer trying to hide the fact that he’s a closet RE pumper desperate for higher prices.

Sebastien
Member
Sebastien

Here’s what most people are missing about the spec tax and astronaut locusts:

It’s not the tax rate that affects them but the fact that there’s a tax at all. Most astronaut locusts are here to be in 100% anonymity and far away from Beijing fiscally. Now, because of the spec tax, they’ll have to declare tons of info on themselves and their income ( true or not). This opens a can of worms for them because 1) the CRA might call them out and they’ll loose their welfare 2) The Chinese gov’t might get it’s hand on their T4s and then astronaut locusts can kiss their kidneys goodbye.

Burnabonian
Guest
Burnabonian

I think that’s what Horgan wants but it’s not my takeaway?

Won’t they just have to do some (easy) pivots to a combination of “my son is a resident; he is a student” / “it is rented to my cousin” / “my wife is on disability” / “we inherited this from Grandpa” and be exempted?

Or, (still better than declaring global income,) just pay a few tens of thousands per year for anonymity? Which isn’t difficult for a person whose property is appreciating at hundreds of thousand per year and who has purchasing power in the millions?

My takeaway is that the tax is basically voluntary in that sense.

I’m hoping that I am wrong.

Sebastien
Member
Sebastien

The gov’t (an NDP one particularly) will want to know as much as possible about you, citizen or not. I doubt that astronaut locusts can just pay the 2% and stay anonymous.

They can cheat the system and avoid the tax but then they’ll have to give much more info that they’ll want and they’ll have to pay income taxes on top.

Lost,... but not leased
Guest
Lost,... but not leased
NDP fatal error was the speculation tax….whatever credibility they may have had is shot. They would have been far better off to have focussed on criminal activity ie money laundering connections to RE …as this would be “non partisan” across- the- board support by BC citizens. This would have been a good starting point re: speculation via impact of laundered funds …aka first start with these variables in the equation..then proceed further. As it stands,they pursued an ill -advised idealogical attack by casting a net that drew in many innocent parties. This leads one to conclude that NO Gov’t appears ready, willing or able to tackle criminal activity, so did the BC citizens gain anything by an NDP Gov’t manipulated/leveraged into power? At minimum, the NDP should FIRST have Eby announcing some cases being prosecuted, surely there must be some… Read more »
Just me
Guest
Just me

They can evade taxes (with all the consequences of that). But if they file them, they are immediately visible to government agencies in Canada, as well as outside of Canada if our government does the right thing and passes the info over to China.

The game is over.

YVR
Guest
YVR

Nobody is giving accurate numbers for their worldwide income now. Why would that change with a new tax? It is impossible for the BC government to verify and it takes CRA a lot of work and expense to verify if they wanted to(that is why CRA doe snot do it). CRA is not going to collect BCs spec tax for them if they won’t even bother with federal income taxes.

Sebastien
Member
Sebastien

You’re missing the point. Before, they could live here without filing a single piece of paper. Not anymore, the spec tax forces them to file something that will be looked at for tax reasons.

YVR
Guest
YVR

They still paid property taxes. Nothing is different. Most do file poverty level income taxes (the spouse) so they can get MSP, etc for free. The spouse will still file their poverty level income tax. Nothing changes.

Just me
Guest
Just me

Listen to Josh Gordon’s interview on Linda Steele. Hopefully you will be satisfied. If not, we cannot help you.

Sebastien
Member
Sebastien

Why the 7s?:

845 W 68th Avenue, Vancouver
Feb 12:$1,399,000
Mar 26: $1,077,777
Change: – 321,223 -23%
Ass: $1,177,000

Lost,... but not leased
Guest
Lost,... but not leased

Probably Eskimo Freemasons ?

Lost,... but not leased
Guest
Lost,... but not leased

Go ” Green Party ” ?
Go Bye Bye….

IMHO.. This LATEST NDP fiasco is very amusing.

Weaver’s Green Party MLA Olsen must have had ass- in- a- sling given his riding has Gulf Islands that were to be targetted by speculation tax….aka the Gulf Islanders must have regretted support for Green Party .

Other GREEN MLA, Furstenau…..from what I can gather…is a one issue candidate…,,based on some landfill issue in her riding and toxins allegedly being dumped.

Weaver is one of those clowns/clones that believes in Global Warming.

..and these 3 hold the balance of power ?!?!

DaMann
Member
DaMann

I see a lot being talked about the spec taxes but no one is really talking about China’s change in citizenship policy. Did they not just ban dual citizenship? Does this effect PR as well or or only prevent you from being a full on Canadian? I would have thought this to be a much bigger deal in regards to foreign buyers and astronaut families. Is it a game changer or a complete non issue? I honestly don’t know that’s why I’m asking…

Sebastien
Member
Sebastien

Only Shanghai has dropped the hammer on astronaut locusts… For now.

DaMann
Member
DaMann

Not sure I follow. What do you mean exactly?

Just me
Guest
Just me

They don’t allow Chinese to keep their Hokou documents (Shangai residence permit) if they acquire permanent residence elsewhere. This means that a permanent resident of Vancouver cannot keep his residence in Shangai legally.

Of course, they can (and will) lie. But the pressure is growing.

The 100 million question is: how will the NDP define and verify the satellite Family status in Vancouver? They have been throwing around the word quite a bit: the devil is in the details.

How to legally define Satellite status? If they do it properly, it will become interesting!

DaMann
Member
DaMann

oh ok thanks. I thought it was all of China. Didn’t realize it was only Shanghai. So a non issue then

Lost,... but not leased
Guest
Lost,... but not leased

Why would the stop there….???

.Emperor dogface is simply testing the waters.

Just me
Guest
Just me

Perhaps other large Chinese municipalities will follow. Keeping your Houkou is a big deal, without it you are cut out from a variety of social services and from owning property.

The dilemma for many Chinses is what tax residence to choose. Many of them will try to keep a low profile, lie and try to evade taxes by shuffling their wealth internationally. But it is becoming harder to do so.

Lost,... but not leased
Guest
Lost,... but not leased

Re Hokou documents.

Seems like Emperor Dogface is doing an Uncle Joe Stalin….probably warning potential rivals to stay way or else.
No more double- dipping and freeloading..one is either (i)Chinese or (ii)not Chinese.

The blowback is he scares Chinese away…so even more foreign locusts leave China,further impacting RE globally ?

Question: Is this the ultimate plan…a ruse so the Chinese invasion gathers more steam?

NDP ?…..IMHO they won’t touch the issue..they don’t have the guts…should be clear by now they will instead attack their own citizens. NDP socialist ideology is in sync with Communism anyway.

DaMann
Member
DaMann

According to this it’s all of China in general, excluding Hong Kong and Macau, that has banned dual citizenship. I guess it’s only loosely enforced except with the recent move by Shanghai?

http://www.scmp.com/news/china/policies-politics/article/2134570/entry-denied-identity-crisis-facing-chinas-covert-dual

I do admire the Chinese in this respect. You don’t want to live here and pay your taxes here then we are revoking all benefits. Seems logical. We should be doing the same.

Just me
Guest
Just me

Houkou is a residence permit and has nothing to do with citizenship. Most Chinese nationals do not hold houkous for Shagain or Beijing.

The double citizenship issue is separate but equally important: a large share of Chinese in Canada and the US are effectively hiding their foreign status from the Chinese state.

DaMann
Member
DaMann

Interesting. thanks for the info

Oracle
Guest
Oracle

It’s much better to have PR in Canada than Citizenship.

Then can have foot on both countries. Canada considering giving PR people voters rights. Lame Duck Canada.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

There’s no plan to give the vote to PR that I’m aware of. Perhaps you could link to your source?

Also, when renewing PR you might be accused of not intending to settle in Canada if you’re eligible to apply for citizenship but have not done so.

So, no, it’s not better.

ostritch
Member
ostritch

Here come the spruikers for rural vacation property. Just what we needed. NOT!

Hyper-mega-Bull
Member
Hyper-mega-Bull

China ready to fight ‘bloody battle’ against enemies to take its place in the world, Xi says in speech

China is ready to fight the “bloody battle” against its enemies in its determination to take its place in the world, declared President Xi Jinping in a nationalist speech Tuesday that underlined his strongman rule over the world’s most populous country.

Speaking at the closure of the 13th National People’s Congress, a meeting of the country’s rubber-stamp parliament, Xi said the “rejuvenation of the Chinese nation has become the biggest dream of the Chinese people.”
“We are resolved to fight the bloody battle against our enemies … with a strong determination to take our place in the world,” Xi said.

https://www.cnn.com/2018/03/19/asia/china-xi-jinping-speech-npc-intl/index.html

DaMann
Member
DaMann

and the world is falling over themselves to do business with these guys. Unreal….

Strata Hacker
Guest
Strata Hacker

Commies know that that is capitalism’s biggest weakness.

Just me
Guest
Just me

This guy is getting out of control.

Hyper-mega-Bull
Member
Hyper-mega-Bull

they were always like this. it’s just now that mr x has sized powers western elites are seeing them for what they really are and you are getting the unfiltered information.

Best place on meth
Member
Best place on meth

“We are resolved to fight the bloody battle against our enemies … with a strong determination to take our place in the world,” Xi said.”

I’m pretty sure the head locust actually meant “take over the world”.

Translations from mandarin never seem to come out quite right.

Just me
Guest
Just me

Foreign Buyers Starting to Drive Up Housing Prices in Quebec

https://www.bloomberg.com/news/articles/2018-03-27/foreign-buyers-starting-to-drive-up-housing-prices-in-quebec

“Foreign buyers of real estate in Quebec are putting “marginal” pressure on prices while still accounting for a tiny sliver of the market relative to Vancouver and Toronto, according to new data released by the French-speaking province.”

Just me
Guest
Just me

“Last year’s land-registry data — compiled by JLR Solutions Foncieres — show foreign buyers bought single-family homes that were twice as expensive on average as those acquired by Quebec residents, the finance ministry said. Co-ownership properties acquired by foreigners were 40 percent more expensive than those bought by Quebeckers, the ministry also said.”

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Why not quote the part which says that buyers from the USA number twice as many as those from China? Or that foreign buyers overall are but 1% of the market? Or point out that if foreigners are buying at the high end of the market then they’re not actually competing with locals?

Oh wait, I think I know.

Just me
Guest
Just me

How about this quote? Look especially at the end of the paragraph….

“U.S.-based buyers made up the biggest share of foreign acquirers with 32 percent of all transactions. French buyers were next with 20 percent, followed by Chinese nationals at 16 percent. That’s a marked contrast from 2006, when Chinese residents accounted for just 1.3 percent of all foreign home transactions in Quebec.”

The trend is your friend.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You have two data points and you’re extrapolating. That doesn’t surprise me.

Just me
Guest
Just me

You are the guy who claims we should use the data. We have few data points also in BC and elsewhere, mostly because governments have made excuses (often based on race) and have argued we did not need to gather data. Doing so might be perceived as racist.

It seems to me that you only resort to data when it helps you justify the behavior of the mainland Chinese who buy real estate in Canada.

I personally believe the data we have at the moment sucks: we need way better, more accurate and extensive data to really quantify the extent of foreign money slushing in our RE market.
And I am not talking about the passport of those on the title, I am talking about the source of the money they are using.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

You’re not “using the data”. You’re making up your own.

The data says there’s a tiny number of sales to foreigners in Quebec, and Chinese buyers are a small fraction again.

Just me
Guest
Just me

Yes, we are aware of your opinions. Chinese money plays no role in the massive price runups of the past few years in Vancouver.

And anyone who says otherwise is a paid shill and should be insulted and called names.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Changing the subject away from Quebec? I guess you’re conceding the point again.

Name
Guest
Name

chinese nationals at 16% is not a ‘small fraction’.

Lost,... but not leased
Guest
Lost,... but not leased

“US- based” buyers account for 32% of foreign sales

They seem to be trying to hint at “something”.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Yes, it is.

Just me
Guest
Just me

I thought you just said it is only two data points.

I am confused. Is this good or bad data? Shall we use it as a convenient way to ignore the growing problem of Chinese money?

Your reasoning is confused.

Lost,... but not leased
Guest
Lost,... but not leased

Quebec ? Confederation’s spoiled child
bawahahahahahahaha

What comes around goes around baby..

These confederation cockroaches took advantage of the investor program, whereby foreigners with net worth of $1.6 million “lent” Quebec gov’t $800,000 interest free for 5 years( principal returned )

….this back door approach allowed an estimated 46,000 foreigners who subsequently moved to Vancouver and Toronto and acquire Permanent Resident status.

I hope these foreign investors pile into Quebec..F*ck em….payback is a bitch…

Whistler or Bust?
Guest
Whistler or Bust?

Yep!

Oracle
Guest
Oracle

I’m waiting for Calgary. As soon as NDP out of there, Kenney will ramp up immigration. Rents and everything will shoot up like crazy there.

Buy 2. Prices double. One paid off.

See Saw
Guest
See Saw

Oooooh! There’s that “Yellow Peril” at it again. Why don;y you buggar off with all your BS?

Oracle
Guest
Oracle

Carole James has just said now that they could further tweak the Speculation Tax for BC residents who are not yet Permanent Residents but live here 6+ months a year.

WTF??

YVR
Guest
YVR

By the time the NDP are done tweaking this spec tax they will be sending out cheques to home owners. The NDP are spineless.

Oracle
Guest
Oracle

So what’s everyone’s plans after D-day has come and gone and lost?

After all the NDP Flip Flops, there is no way they let the PR referendum passes. So most likely scenario is we go to the polls in the fall. So much for the NDP experiment.

If they do let PR pass (highly unlikely), then 2 of the 3 parties will always block housing action because they can’t agree on a course of action (how convenient).

So what’s everyone’s plans after D-day has come and gone and lost?

Me first: I’m highly mobile workwise in lower mainland so I’ll move further into Valley. Also have a half Vancouver house inheritance coming probably my kids way in the future. Also have a home and farm overseas to fall back on.

What about others?

Lost,... but not leased
Guest
Lost,... but not leased

Biggest Loser is Andrew Weaver and Greens…
Dr. Math Professor should have insisted any/all NDP plans be modelled, which the NDP did not do.

Anyone with a modicum of intelligence could have seen the blowback coming, ……..moreso this time of year when people start to access their cabins etc….now they are more pissed than a bear exiting hibernation.

One has to presume Greens are not party to (ie not consulted) what the NDP drafts and tables, or even if they did…all the NDP moves are going to blow up in Greens faces……guilt at minimum by association.

Peoples outrage should be directed at Greens and Guichon…going down as BC worst ever Lt Gov.

Finally PR is DEAD……DONE…and good riddance to the concept…luckily we got off lucky this time as the NDP F*cked up sooner than normal.

YLTNboomerang
Member

Been away for a while as we upped and moved to the USA but good to see the site still going and indication that the market is finally adjusting. The one thing I just don’t get is why didn’t the NDP just make the tax province wide? So much simpler to administer…

patriotz
Member

“The one thing I just don’t get is why didn’t the NDP just make the tax province wide? ”

One, the housing crisis isn’t province wide, and two, there are big parts of the province where legitimate vacation properties are an important part of the economy.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

So now some vacation properties are “illegitimate”?

YVR
Guest
YVR

“One, the housing crisis isn’t province wide”

Sure it is. When crap hole houses are selling for $500K in the Kootneys that is a crisis.

Just me
Guest
Just me

Yes if they are in Metro Van. Go buy one in Whistler if you want.

YLTNboomerang
Member

Sure, but it becomes wack-a-mole. Squamish is not covered so speculators move there next. If housing is not a problem in Salmon arm, there should be no impact or issue with a foreign owner/empty home tax. Make the “vacation home”areas where it is critical to the economy the exception, you might have 3 or 4 exception regions.

Lost,... but not leased
Guest
Lost,... but not leased

Kim Jong Un makes first trip from North Korea to China….

Hyper-mega-Bull
Member
Hyper-mega-Bull

personally i think this is good for usa and trump.

Just me
Guest
Just me

‘Suspicious’ B.C. casino-cash transactions plummeted in February: Eby

http://vancouversun.com/news/local-news/suspicious-b-c-casino-cash-transactions-plummeted-in-february-eby

“In a presentation Tuesday to the House of Commons standing committee on finance, which is receiving input on amendments to the Proceeds of Crime and Terrorist Financing Act, Eby said that suspicious transactions to B.C. casinos had fallen to $200,000 in February from a high of $20 million in July 2015.

“We have reduced it by a factor of 100,” said Eby.”

Just me
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Just me

“Eby told the federal committee, however, that he didn’t believe the initial changes had solved the problem.

“I believe that money has moved elsewhere, and I also believe we have a concern that needs to be dealt with bank drafts,” he said.

As part of its rolling investigation into money laundering in casinos, Postmedia earlier reported that B.C.’s gaming enforcement branch is concerned that many bank drafts, which can be used to fund patron gaming accounts for high-stakes gamblers, could have suspicious origins.”

Just me
Guest
Just me

“Eby was in Ottawa to make recommendations to the finance committee based on initial recommendations from German, whose full review is due at the end of this week.

There are expected to be more recommendations the B.C. government will act on.

Among the recommendations presented to the federal committee is a call for better use and action by law enforcement officials on information stored with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s chief finance intelligence unit.

“An anti-money laundering system that rigorously enforces compliance with reporting, but then has inadequate action on those reports, puts a sheep mask on a wolf’s face,” Eby told the finance committee.”

Bag it and tag it
Member
Bag it and tag it

More like a wolf mask on a sheep face, but whatever

Just me
Guest
Just me

“The recommendations also include a call for legislation that requires the reporting of money held in lawyer’s trust accounts, noted as an impediment to police investigations involving the movement of money through real estate and other financial sectors.

Casinos, banks, securities dealers, real-estate brokers, accountants and notaries must report suspicious transactions to FINTRAC, but not lawyers.

The recommendations also call for more policing resources to tackle financial crime and for tracking of cash purchases of luxury vehicles.”

Best place on meth
Member
Best place on meth

Ok, so Eby has reduced money laundering through casinos by 99%, but that still doesn’t answer the question of WEAR EEBEE!?

YVR
Guest
YVR

He cherry picked the highest month in history. What was in Feb 2016? $200k is still too much and who knows if he is even telling the truth.

Just me
Guest
Just me

Mike de Jong instead….

Specuskeptic
Member
Just me
Guest
Just me
B.C.’s finance minister considered taxing the capital gains of real estate speculators http://vancouversun.com/news/local-news/metro-vancouver-board-gives-itself-retirement-allowance-pay-increase “Carole James said Tuesday that while preparing tweaks to her government’s new speculation tax this week, she did seriously consider a capital gains tax to penalize those who flip investment properties and further drive up B.C.’s real estate prices. But she said it would not have driven the owners of multiple properties to put their units up for long-term rental, which is a key goal of the final speculation tax. “Capital gains doesn’t do that,” James said in an interview. “It doesn’t encourage people. In fact because you may get targeted with capital gains when you sell your property, in fact for many people it might encourage them to hang on to their properties and just watch the appreciation go up as they’ve been doing. So that… Read more »
Just me
Guest
Just me

““Allowing strata properties to avoid the speculation tax through no-rental bylaws would create an uneven playing field in the designated urban centres where the tax applies,” the Finance Ministry said in a statement Tuesday.

“To ensure fairness, the province will provide temporary grandfathering for strata properties that prohibit rentals. If a strata council were to pass a new no-rental bylaw, the strata properties will not be eligible for the temporary exemption.”

The ministry did address a question about whether the government could force stratas to abandon restrictive anti-rental bylaws.

Despite the vague language, there’s no need for immediate concern by strata owners, said Tony Gioventu, executive director of the Condominium Home Owners Association of B.C.

“I think it’s just going to parallel the formula the City of Vancouver has done on vacant homes — it’s already working and it’s working just fine,” said Gioventu.”

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Flipping may already be subject to income tax – not just capital gains. Hopefully our finance minister knows this.

YVR
Guest
YVR

She probably doesn’t. Has she ever had a real job?

Bag it and tag it
Member
Bag it and tag it

You could apply both taxes, but I agree, it would discourage people from selling so instead they could grandfather it in and only apply it to new purchases of investment properties as of today (so when new purchases are eventually sold obviously).

Bestplaceonearth
Guest
Bestplaceonearth

Hey paid shill, why don’t you stop posting the article and save some space! Stop jump for joy everytime you see your NDP god showed up in the news. They aren’t here to save you, and you are so screwed you can’t save yourself.

See Saw
Guest
See Saw

“Paid shill” is the least of it. He must have bloody fingers after typing so fast and furious; a real piece o’ shit besides.

Bag it and tag it
Member
Bag it and tag it

I was chatting with Lynda Steele today about my question of how the Spec Tax will force Satellite Families to pay the 2% tax when it’s their Primary Residence and not a vacant empty home, so she told me she would ask her guest, SFU Prof Josh Gordon, today since they would be discussing the spec tax modifications….and sure enough she asked him. It’s actually a very good interview and worth a listen.
https://omny.fm/shows/steele-drex/will-the-amendments-to-the-province-s-housing-spec

Just me
Guest
Just me

Great interview. Thanks for sharing.

Josh Gordon nailed it on the head. he calls it like it is, and openly tells Michael Geller that he is simply lining his pocket from foreign millionaires. Great!

Highly recommended.

Bag it and tag it
Member
Bag it and tag it

Love how he explained that since Satellite Families get so many free services and pay no tax other than Property, they are willing too pay more for properties which therefore benefits developers. And since it’s BC taxpayers that are picking up the tab for the services of these Satellite Families, it is in essence a transfer of wealth from taxpayers to developers.

backwardsevolution
Guest
backwardsevolution
Yes, it certainly is a transfer of wealth from taxpayers to developers. I think these developers should be absolutely nailed with fees in order to recoup these services. Strip them of any profit motive. Traffic is stopped by flag ladies, we get to sit idling in traffic for five minutes while trucks go in and out of construction sites, and all so some developer can build a hi-rise and make a fortune selling to corrupt foreigners who want to park their illicit money somewhere. As the professor said, because these foreigners all want in (to park their money and to get the free services), they create demand, which pushes prices up. So we citizens have to put up with constant construction, roads dug up over and over again, so some builder can get rich? I know at one point (back… Read more »
YVR
Guest
YVR

Wow Michael Geller predicts the tax will be changed prior to this annoucement. NDP in developers pocket? How else could he know. I bet Horgan has a new deck.

YVR
Guest
YVR

What Josh Gordon says about high priced home owners who declare little income will be flagged is BS. Most of the high priced homes are already in this situation. They already know what a house is worth, who owns it and what income tax the owner pays. We already know about all those poverty level incomes in RIchmond, Point Gray and West Van. I do not recall even one case where someone has been brought up on tax evasion charges for this. Not one case. Why would that change if someone now fills out a new form and says they make little or no worldwide income. It is near impossible to audit by the BC government. HAM knows this. Misrepresentation on BC tax form is nothing compared to federal income tax evasion.

See Saw
Guest
See Saw

That wet behind the ears “professor” doesn’t know which end is up. Best to ignore that one.

Best place on meth
Member
Best place on meth

Heard it on the way home.

Geller is such a piece of shit.

YVR
Guest
YVR

I understand Gellers position as a developer. He wants high prices. What is the NDPs excuse for giving Geller everything he wanted and essentially rescinding the tax?

Just me
Guest
Just me

Time will tell if you are right. I think you are wrong.

The writing is on the wall: the taco se that now exist can be easily be revved up if prices don’t behave.

YVR
Guest
YVR

Anyone seen Eby? Is he back in hiding. He must be regretting joining the NDP in the first place. I suspect he is pissed the NDP flushed his plan down the toilet. Or is he just as spineless as Horgan and James? The trip to Ottawa when announcing this debacle tells me he was not on board. Maybe there is hope for him. He needs to cross the floor.

Lost,... but not leased
Guest
Lost,... but not leased

Saw Eby on news…
Re Expensive cars…apparently in 2013 there were 1500 cars purchased over $150,000 each….3 years later over 3,000 cars in this range.

Eby says there is no tracking of these funds.

Can you say money laundering?

Just me
Guest
Just me

Can you say corrupt BC Libs?

Christy said we should not ask too many questions. It was good for “the economy”.

LS in Arbutus
Guest
LS in Arbutus

So… how do you launder in this case? You end up with $150k car, but it’s not like there’s a big resale market?

Shut It Down Already (original)
Guest
Shut It Down Already (original)

And the car dealship ends up with $150K in 20s and probably aren’t equipped to securely store that amount of cash.

Just me
Guest
Just me

What about establishing a luxury car dealership using laundered money? That would work.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Great! And you have proof one exists, I assume? Oh wait, you don’t. It’s just another expansion of your conspiracy theory to avoid confronting the fact that you might be full of shit again.

Just me
Guest
Just me

I have no proof. Neither supporting it or excluding it.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

It’s expected that you’d not be able to prove non-existence. Simple logic.

Just me
Guest
Just me

All luxury vehicle in Vancouver are being bought by local people investing their savings in Ferrari and Lamborghini.

All the 3000/year units.

The boom in the past year is just a by-product of our economic growth, right?

Just me
Guest
Just me

Troubled China Conglomerate Puts All Properties on Block

https://www.bloomberg.com/news/articles/2018-03-27/troubled-china-conglomerate-said-to-put-all-properties-on-block

“CEFC China Energy Co., the sprawling conglomerate that’s come under increasing government scrutiny, plans to sell its entire global property portfolio with a book value of more than 20 billion yuan ($3.2 billion), according to people with knowledge of the matter.”

Just me
Guest
Just me

“Almost 100 properties are up for sale, including its headquarters in an upscale Shanghai neighborhood, four floors of the Hong Kong Convention & Exhibition Centre and a condominium at the Trump World Tower in Manhattan, as well as hotels, residential apartments and industrial facilities, said the people, asking not to be identified because the deliberations haven’t been publicly disclosed.”

LS in Arbutus
Guest
LS in Arbutus

Nope, doesn’t remind me of Japanese companies in the late 80s/early 90s at all….

backwardsevolution
Guest
backwardsevolution

LS in Arbutus – perfect! The Japanese lost their shirts in the 80’s.

Best place on meth
Member
Best place on meth

WEAR PALL?!

Bag it and tag it
Member
Bag it and tag it

2 days in a row, and I can’t find Chipman stats anymore…

Specuskeptic
Member

The Facebook groups aren’t getting stats either. Weird…

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Google “robchipman” and it says “the site may be hacked” in the search results.

yvr2zrh
Member

Paul B – – Where are you? 100’s of us behind the scenes await your drip of info . . . . . !!